THE ANNUAL BUSINESS MEETING of the members of Horry Electric Cooperative, Inc., will be held at the HTC Center at Coastal Carolina University (CCU) on Tuesday, May 10,
at 7 p.m. The HTC Center is located at 104 Founders Drive, Conway, South Carolina. Action will be taken on the following matters:
- The report of Officers, Trustees and Committees;
- The election of Trustees;
- All other business which may come before the meeting of members, including any necessary bylaw changes.
“We do have a proposed bylaw amendment to be considered by the members at the Annual Meeting this year,” says James P. “Pat” Howle, executive vice president and CEO of the Cooperative. The amendment being proposed was included in the April edition of South Carolina Living magazine, it will also be published in the May edition and will be included on the printed program distributed to members as they register to participate in the Annual Meeting.
The proposed amendment is to Article IX of the bylaws; Non-Profit Operation.
SECTION 9.02. Patronage Capital in Connection with Furnishing Electric Energy. Not inconsistently with Chapter 49, Section 33-49-460 of the Rural Electric Cooperative Act in the furnishing of electric energy the Cooperative’s operations shall be so conducted that all patrons will through their patronage furnish capital for the Cooperative. In order to induce patronage and to assure that the Cooperative will operate on a non-profit basis, the Cooperative is obligated to account on a patronage basis to all its patrons for all amounts received and receivable from the furnishing of electric energy in excess of operating costs and expenses properly chargeable against the furnishing of electric energy. All such amounts in excess of operating costs and expenses at the moment of receipt by the Cooperative are received with the understanding that they are furnished by the patrons as capital. The Cooperative is obligated to pay by credits to a capital account for each patron all such amounts in excess of operating costs and expenses.
PROPOSED ADDITION: The Cooperative is obligated to pay by credits to a capital account for each patron all such amounts in excess of operating costs and expenses, subject to adjustment by reduction for any amounts incurred but not paid by the patron for services provided or credit given to the patron by the Cooperative.
PURPOSE: The addition of this language to the existing bylaw related to patronage capital establishes that the capital credit will depend on whether or not the member has paid what they owe to the Cooperative. This applies directly to bankruptcies and gives the Cooperative the ‘Right of Recoupment’. It protects the Cooperative and its members against the risk of losing capital in bankruptcy situations where orders are granted that eliminate debts, liens, etc.
“Voting on the proposed amendment is part of the business meeting agenda,” says Howle. Trustee candidates, because there is no opposition in any of the three positions up for election this year, will be voted on by acclamation during the business meeting.
Registration at the Annual Meeting begins at 12 noon and each Cooperative member is urged to be present and take part in the meeting.
Each member who registers will receive a $15 credit on his or her electric bill. ONLY THOSE WHO REGISTER, IN PERSON, AT THE ANNUAL MEETING BETWEEN THE HOURS OF NOON AND 7 P.M. ARE ELIGIBLE TO RECEIVE THE REGISTRATION GIFT.
Members who register at the Annual Meeting will be automatically entered into the prize drawing and DO NOT have to be present at the time of the drawing to win!